SunSirs: Soybean Oil and Palm Oil Prices Fell sharply in China on September 1
September 02 2022 10:41:27 SunSirs (Selena)
According to the monitoring data of SunSirs, on September 1, the average price of soybean oil market was 10,480 RMB/ ton, down 2.96% in a single day. The average price of palm oil market was 9,000 RMB/ ton, down 4.76% in a single day. The spot market of soybean oil and palm oil fell sharply.
Crude oil futures fell sharply, domestic soybean oil and palm oil futures fell with the market, and the spot market was dragged down. Domestic soybean oil inventory is at the first line of 800,000 tons, with a week on week increase of more than 2%. With the increase of oil supply pressure and the fall in demand of the terminal catering industry due to public events, Malaysia's palm oil is in a production increase cycle. Bad news affected the oil market, and the spot market of soybean oil and palm oil has plummeted. According to SunSirs agricultural products analyst expected that the soybean oil and palm oil market will remain in a weak position in China in the short term.
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